Directions

• Use an Excel workbook to complete this and upload your file to Canvas.
• Save the Excel workbook as: "Module 8 assignment"
• Submit the assignment using the "Submit Assignment" button or email it to me via Canvas as an attachment.
• For each question, use a new spreadsheet. For example, in Question #1, parts a and b will be answered in the first spreadsheet.
• Question #2 parts b and c will be in the second spreadsheet.
• Make sure to name each sheet according to the financial function that you are using to answer the question. For example, the name of the first spreadsheet will be: PMT

Use the PMT function of Excel to answer question 1:

1. You are thinking of borrowing $50,000 to start a small business. Use the Internet to research and find the lowest interest rate on $50,000 loan (show the rates of at least three banks). Take a picture or snapshot of the rates you found and the name of the banks and upload it to Canvas. Make sure you name the uploaded file(s) as interest rate on 50K loan.

a) After choosing the lowest rate, assume you want to pay off the loan in 5 years, what would be your monthly payment at the end of each month?